Research examining phonological awareness (PA) contributions to reading in established readers of different skill levels is limited. The current study examined the contribution of PA to phonological decoding, visual word recognition, reading rate, and reading comprehension in 124 fourth to sixth grade children (aged 9-12 years). On the basis of scores on the FastaReada measure of reading fluency participants were allocated to one of three reading ability categories: dysfluent (n = 47), moderate (n = 38) and fluent (n = 39). For the dysfluent group, PA contributed significantly to all reading measures except rate, but in the moderate group only to phonological decoding. PA did not influence performances on any of the reading measures examined for the fluent reader group. The results support the notion that fluency is characterized by a shift from conscious decoding to rapid and accurate visual recognition of words. Although PA may be influential in reading development, the results of the current study show that it is not sufficient for fluent reading.